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SYDNEY (Reuters) - Australia’s second-largest lender Westpac Banking Corp said on Thursday it would retain its New Zealand business, wrapping up the option of a spin-off, after a review likely found that a demerger would have been too costly.
FILE PHOTO: A pedestrian looks at his phone as he walks past a logo for Australia's Westpac Banking Corp located outside a branch in central Sydney, Australia, November 5, 2018. REUTERS/David Gray/File Photo
Without providing further details, Westpac said in a statement that a review to consider a spin-off, triggered by New Zealand’s tighter capital norms, had found that a demerger would not be in the best interests of shareholders.